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Resales and New Sales Soar Through The Roof

Below are the TREB resale numbers for the last 5 months and their counterparts for a year ago.
March 2010            10,430        March 2009                6171        +69%
February 2010          7291        February 2009            4120        +77%
January 2010            4986        January 2009             2670        +87%
December 2009        5541        December 2008        2577        +115%
November 2009        7446        November 2008        3640        +105%
October 2009             8176        October 2008             5155        +64%

Below are the days on market for the past 6 months and their counterparts for a year earlier.
March 2010                 20            March 2009                   40
February 2010            22            February 2009              45
January 2010             28            January 2009                49
December 2009         27            December 2008            45
November 2009         26            November 2008            41
October 2009             26            October 2008                 37

It is clear what we are seeing here – a total and complete recovery in our resale market. Where is it going now? Consider this, in the GTA there are very few new houses being built. The inventory is fixed. Expect single family home prices to rise. Expect buyers to be forced into the condo world for the following three reasons:
1. Lifestyle choice
2. The high cost of a freehold home
3. The lack of inventory of freehold homes and the fact that the inventory around the core is fixed.

While condo prices will continue to rise, it will be at a slower pace than freehold homes due to the lack of inventory of the latter and the potential for growth of the former.
Expect real estate to perform well in Toronto while the economy grows. We have just started a recovery from an awful, but short, recession. It is very unlikely that prices will fall in a period of economic growth and prosperity. We will not see a continuation of the stratospheric rise in pricing. Prices will continue to rise, but at a slower pace.

 

>>Click here to contact me if you want to buy or sell a Toronto condo or loft

 

Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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Address

RE/MAX Hallmark Realty Ltd., Brokerage
723 Mount Pleasant Road
Toronto, ON
M4S 2N4

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Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 8/21/2017 1:47:21 PM